Saturday, August 8, 2020
Finance

« Pensioners Loan

State Bank of Hyderabad- SBH Prashanti Scheme

Purpose:

To enable the Pensioners to meet their personal expenses like medical expenses, children marriage expenses etc., our Bank has introduced various loan schemes for pensioners. Presently, there are four types of Pension Loan schemes evolved over a period of time;
SBH Loan to Pensioners.
SBH Loans to Family Pensioners.
SBH Loan to Pensioners who are aged 70 years and above
SBH Pension Loan to Affluent Pensioners – “Prasanthi Scheme” .

Eligibility :

For Pensioners: 

  • All State & Central Government including Defense, Railways and Telecom Department Pensioners and Bank’s Pensioners, whose Pension Accounts are maintained by our branches.
  • In case the age of the pensioner is not more than 72 years: Loan Amount : Maximum of 12 months net pension with a ceiling of Rs 7.50 lacs subject to EMI not exceeding 40 % of net pension. Age at the time of full repayment of loan should not be more than 74 years.
  • In case the age of Pensioner is above 72 years and upto 75 years : Loan Amount : Maximum of 12 months net pension with a ceiling of Rs 2.00 lacs only subject to EMI not exceeding 40 % of net pension. Age at the time of full repayment of loan should not be more than 77 years.

For Family Pensioners:

  • Family Pensioner, i.e. spouse authorized to receive pension after the death of the Pensioner, subject to condition that age of the Family Pensioner should not be more than 70 years of age.

Loan Amount : Maximum of 12 months net pension/ net family pension with a ceiling of `7.50 lacs subject to EMI not exceeding 40% of net pension/ net family pension.

Repayment : In Equated Monthly Instalments commencing from the succeeding month of sanction of loan.

For Family Pensioners: Maximum 36 months. Age at the time of full repayment of loan should not be more than 72 years.

Collateral Security : 

For Pensioners: Guarantee of the spouse who is eligible for family pension. If the spouse is not alive, guarantee of any other family members or a third party worth for the loan amount.

For Family Pensioners: Third party guarantee of a person who has been maintaining a satisfactorily conducted account with the Bank, preferably of the son/ daughter of the family pensioner whose net worth is equal to or more than loan amount.

Type of Loan : Demand Loan.

Disbursement : The amount should be credited to the Pension Account being maintained with the branch.

Interest : 4.50% above Base Rate. The present effective rate would be 14.55%.

Processing Fee : 562/-. incl service tax 12.36%

Documents Required : 

  • Application –cum- Authority Letter
  • DP Note to be signed by Pensioner/ Family Pensioner in favour of guarantor and endorsed by guarantor in favour of the Bank
  • DP Note delivery letter and
  • Letter of waiver

Updated on : 21/1/2017